MALAYSIAN shares are expected to rise on follow-through buying after US stocks finished higher for a second straight day on better-than-expected economic data.
“The US markets closed higher overnight, so most likely Malaysia can extend gain as well. The next resistance for the benchmark index would be around the 890-910 points,” said a technical analyst from a bank-backed brokerage.
“The market may have broken out of a downtrend, but we are still waiting for the confirmation. If the key index closed higher today, it suggests that the market is now on a better footing for further rally,” he said.
“Technically, we see limited upside for palm oil stocks because crude palm oil prices are very close to a cap now,” he added.
The Dow Jones Industrial Average rose 152.68 points (2.01 per cent) to 7,761.60, a day after the blue chip index closed March with a 7.7 per cent gain, the best percentage monthly performance since October 2002.
The tech-heavy Nasdaq composite added 23.01 points (1.51 per cent) to 1,551.60.
The broad-market Standard & Poor’s 500 index, which advanced 8.5 per cent in March to post the stock market’s first monthly gain in eight months, climbed 13.21 points (1.66 per cent) to 811.08. - AFP, Reuters
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